USD/CAD spikes to 1.3500 mark on softer Canadian consumer inflation figures – by hareshmenghani USDCAD CPI BOC Fed Currencies
her unimpressive Canadian macro data. The pair is currently trading just below the 1.3500 psychological mark, up around 0.30% for the day, and seems poised to appreciate further.
Earlier in the day, Statistics Canada reported that the headline CPI rose by 0.5% in January, slightly lower than the 0.6% expected. Adding to this, the yearly rate decelerated more than anticipated, to 5.9% from the 6.3% previous. The prevalent risk-off mood - amid looming recession risks and geopolitical tensions - benefits the safe-haven Greenback and supports prospects for a further appreciating move for the USD/CAD pair.
Such a pattern might be composed of wave A, rising up and finishing on the 17th, the corrective wave B completing on the 20th and the second bullish wave, C, rising now.Next on tap is the US economic docket, featuring the release of the flash PMI prints for February and Existing Home Sales data.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
When is the Canadian consumer inflation (CPI report) and how could it affect USD/CAD?When is the Canadian consumer inflation (CPI report) and how could it affect USD/CAD? – by hareshmenghani Canada Inflation BOC USDCAD Currencies
Read more »
USD/CAD Price Analysis: Tests the upside break around 1.3500The USD/CAD pair has attempted a rebound after building a cushion around 1.3470 in the early Asian session. The Loonie asset is looking to extend its
Read more »
USD/CAD bulls attack 1.3500 amid downbeat Oil price, BoC inflation, Fed Minutes in focusUSD/CAD picks up bids to reverse Friday’s corrective move from a 1.5-month high, up 0.08% intraday near 1.3490 during the five-day uptrend to early Mo
Read more »
USD/CAD slides closer to mid-1.3400s amid rebounding oil prices, downside seems cushionedUSD/CAD slides closer to mid-1.3400s amid rebounding oil prices, downside seems cushioned – by hareshmenghani USDCAD Recession Fed Inflation Currencies
Read more »
USD/CAD:Little or no respite for the Loonie – ScotiabankThe Canadian Dollar is poised to retain a soft undertone, in the opinion of economists at Scotiabank. The Loonie has little chance of strengthening “S
Read more »
USD/CAD juggles around 1.3450 as investors await Canada’s Inflation and Retail Sales dataThe USD/CAD pair is demonstrating a rangebound performance around 1.3450 in the early Tokyo session. The Loonie asset has turned sideways as investors
Read more »